LONDON -- Standard&Poor's CreditWire 5/19/98 -- Zurich Insurance Co. (Zurich, rated double-'A'-plus/Watch Neg/--) and B.A.T Industries PLC (B.A.T, rated single-'A'-minus/Watch Neg/'A-2') have announced comprehensive details of their integration plans and have published listing particulars for the merger of B.A.T's financial services businesses with Zurich. The merger, which was first announced in October 1997, caused Standard&Poor's to place various ratings on CreditWatch at that time. Based on the integration plans and discussions with management, Standard&Poor's believes the rating on Zurich, if lowered, is unlikely to be lowered below double-'A' following the successful completion of the merger, which is expected by October 1998 (the status of all related ratings is set out below). The possibility that
